Shell shares hit a record high as oil prices remained firmly above $90 during the conflict in the Middle East.
Britain’s most valuable company rose 1.1 percent, or 28.5p, to 2,750.5p, meaning it is now worth £183 billion.
The FTSE 100 giant’s gains came as oil prices stabilized above $90 a barrel after rising 7.5 percent last week.
Victoria Scholar, head of investments at Interactive Investor, said: “The war between Israel and Hamas has sent oil prices soaring over the past week, in a move that could derail inflation’s path back to more normal levels.”
Oil demand plummeted during the pandemic as governments around the world imposed travel restrictions.
Record high: Shell shares rose 1.1% as oil prices stabilized above $90 a barrel after rising 7.5% last week
As a result, Shell’s share price reached a low of 900p at the end of October 2020.
Since then, the shares have tripled in value after Russia’s invasion of Ukraine sent oil and gas prices soaring.
It is now worth more than Astrazeneca (0.02 percent, or 2p, to 10972p), which ranks second on the FTSE 100 with a value of £170 billion, and HSBC (0.2 percent, or 1.3p , to 651.3p). ) in third place with around £130 billion.
The FTSE 100 rose 0.4 percent, or 31.03 points, to 7630.63 and the FTSE 250 added 0.4 percent, or 65.17 points, to 17519.39.
It was another volatile day for Energean, the mid-sized oil and gas company listed in both London and Tel Aviv.
The company has seen its shares yo-yo since the attacks on Israel. They rose 6.8 percent, or 57.5p, to 907.5p yesterday.
Ocado fell the furthest on the blue chip index after a downbeat note from Barclays, which warned the online supermarket was likely to miss its own medium-term forecasts.
After discussions with several industry experts and its own analysis, the broker concluded that potential rollout delays and limited free cash flow posed a threat to the blue-chip company.
It also highlighted increased competition from the likes of Autostore, a Norwegian company with which Ocado was involved in a legal battle.
As a result, Barclays downgraded the stock from equalweight to underweight and cut its price target from 680p to 430p. Shares fell 5.8 percent, or 30.8p, to 500p.
There was some reprieve for St James’s Place, with shares rising 5 per cent, or 32p, to 672.2p.
The stock fell to a decade low on Friday as bosses of Britain’s biggest asset manager confirmed they wanted to overhaul its lucrative fee structure.
GSK hopes its drug dostarlimab will be approved by EU regulators to treat women with serious endometrial cancer, a disease that affects the uterus.
The pharmaceutical giant said a committee within the European Medicines Agency (EMA) has recommended the drug, and a final decision is expected by the end of the year. But shares fell 1.1 per cent, or 16.8p, to 1493.2p.
ITM Power rose 3.3 percent, or 2.26 cents, to 71.5 cents, as the green energy company set its sights on entering the US, which it says could become one of the biggest markets for electrolysers .
Tristel boss Paul Swinney said the prospects for the disinfectant company are the strongest in its 30-year history, ahead of its entry into North America next year. Shares rose 4.4 percent, or 17.5p, to 412.5p.
But Audioboom went the other way, falling 15.3 percent, or 27.5 cents, to 152.5 cents, after a decline in sales in the nine months to September 30 amid a weak advertising market.
Safestay has bought a property, which was formerly a hostel, in central Edinburgh for £4.3 million.
The hostel chain hopes to reopen the location next summer. Safestay sold a hostel in the city for £16 million in 2021.
Shares rose 2 percent, or 0.5p, to 25p.
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